Income Velocity and Institutional Change: Some New Time Series Evidence, 1870-1986

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This paper applies tests of cointegration to assess whether institutional factors, in addition to income and an interest rate, explain the long-run behavior of velocity. Over a century of annual data from five industrialized countries are used. Institutional characteristics make a significant contribution to the determination of velocity in all the countries considered. One generally rejects the hypothesis of cointegration between velocity and its traditional determinants but the same hypothesis cannot be rejected when velocity is also a function of institutional change proxies. Tests of coefficient stability also reinforce the validity of the institutional change hypothesis of velocity. Copyright 1993 by Ohio State University Press.

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